Business plan guide What is a business plan and why do I need one? Listed below are examples of questions to ask yourself when writing your business plan: How will I generate a profit? How will I run the business if sales are low or if profits are down? Who is my competition, and how will we coexist?
Who is my target market? What should be included in a business plan? The following points should be included in any business plan: Executive summary business description Identifying your business opportunity Marketing and sales strategy of a business plan Your team Operations Financial forecasts of a business plan Other useful documentation The executive summary business description The executive summary is an overview of the main points in your business plan and is often considered the most important section.
Include the main points from each of the other sections to explain the basics of your business Be sufficiently interesting to motivate the reader to continue reading the rest of your business plan Be brief and concise — no more than two pages long Although the executive summary is the first section of the plan, it is a good idea to write it last — after the other parts of the plan have been finalized.
This section usually includes: Who you are What you do What you have to offer What market you want to target Remember that the person reading the plan may not understand your business and its products and services as well as you do, so try to avoid using complicated terms.
Some of the things you should explain in your plan include: Is it a new business venture, a purchase of an existing business or the expansion of an existing business? Marketing and sales strategy of a business plan A strong business plan will include a section that describes specific activities that you will use to promote and sell your products or services.
A strong sales and marketing section demonstrates that you have a clear idea of how you will get your product or service into market and can answer the following questions for the reader: Who are your customers? Do some research and include details of the types of customers who have shown an interest in your product or service. You can describe how you are going to promote yourself to potential customers.
How are you going to reach your customers? You should know your customers and the best methods to reach them. Research will help you identify the most effective way to connect with your selected audience, whether it is through the Internet, over the telephone or by in-person contact.
Who is your competition? Once you understand this, you need to research their strengths and weaknesses and use this information to assess potential opportunities and threats to your business. How are you going to position your product or service? Describe what makes your product or service unique to the market you are trying to target. How are you going to price your product or service? Your team Don't underestimate the importance of this part of your plan.
Information in this section can include: A brief organizational layout or chart of the business Biographies of the managers including yourself Who does what, with a brief job description of each position The needed skills of each position Any other relevant information related to personnel It is also a good idea to outline any recruitment or training plans, including the cost and the amount of time required.
Operations The operations section of your business plan will outline your daily operational requirements, facility requirements, management information systems, information technology requirements and any improvements you may have planned.
This section usually includes information like: Daily operations — descriptions of hours of operation, seasonality of business, suppliers and their credit terms, etc. Your financial forecasts should include: How much capital do you need if you are seeking external funding? What security can you offer to lenders? How do you plan to repay your debts? Hire an unlimited number of freelancers.
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